JPMorgan says JPM Coin deposit token is coming to Ethereum
JPMorgan will make JPM Coin, its token representing dollar deposits, available to institutional clients on Ethereum, Bloomberg reports, widening the bank's blockchain work beyond its private Kinexys network.
Key points
- JPM Coin represents dollar deposits held at JPMorgan and is almost a year old.
- Kinexys, the bank's private blockchain network, handles more than $7bn in transactions a day.
- JPMorgan flagged a move beyond Base in January, naming the Canton Network as a planned destination.
JPMorgan says JPM Coin is coming to Ethereum, according to Bloomberg, as the largest US bank looks to offer the dollar deposit token to a wider set of institutional clients. Emma Landriault, who heads Kinexys Labs at the bank's blockchain division, told Bloomberg that Ethereum was chosen for its liquidity and because institutional clients already use it.
The token represents dollar deposits at JPMorgan and is almost a year old. Until now it has run on Base, the layer-2 blockchain built by Coinbase. In January the bank said it planned to take the token to the Canton Network, and the Ethereum move extends that push beyond its own infrastructure.
JPM Coin sits alongside Kinexys, JPMorgan's private blockchain network, which processes more than $7bn of transactions a day. That is a small share of the bank's $12tn daily payments business.
Landriault did not say when the token would go live on Ethereum. Banks have largely kept tokenisation work off public networks: JPMorgan, Citi, Bank of America and Wells Fargo are among more than a dozen US lenders planning a shared network for tokenised deposits.
What to watch: JPMorgan has not given a date for JPM Coin's launch on Ethereum and had not replied to CoinDesk's request for details.
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